ARTICLE | Company News

Seattle Genetics buying Cascadian for $614M

February 2, 2018 8:33 PM UTC

Seattle Genetics Inc. (NASDAQ:SGEN) said it will acquire cancer company Cascadian Therapeutics Inc. (NASDAQ:CASC) for $10 per share in cash, or about $614 million. The price is a 69% premium to Cascadian's close of $5.90 on Jan. 30, before the deal was announced.

Seattle Genetics gains HER2 inhibitor tucatinib (ONT-380), which is in the pivotal Phase II HERCLIMB trial to treat metastatic HER2-positive breast cancer. The therapy has Fast Track designation from FDA for the indication, as well as Orphan Drug designation to treat HER2-positive colorectal cancer and breast cancer with brain metastases. Cascadian obtained exclusive, worldwide rights to tucatinib from Array BioPharma Inc. (NASDAQ:ARRY) in a 2014 deal...